Top U.S. oil producer Exxon Mobil Corp on Friday posted its first profit in five quarters, boosted by rising oil prices that offset costs from a February deep freeze in Texas.
Exxon and its rivals are seeing a lift from crude prices, up by a third this year, as economies start to recover from the pandemic and fuel demand increases.
Exxon is trying to recover from a historic annual loss last year and fend off a proxy fight over board seats at its annual shareholder meeting next month.
Net income attributable to Exxon was $2.73 billion, or 64 cents per share, in the first quarter, compared with a loss of $610 million, or 14 cents per share, a year earlier.
Exxon shares, which have climbed 35% since January, were down 1% to $58.31 in premarket trading.
Exploration and production, Exxon’s largest business, earned $2.6 billion in the first quarter on higher oil prices, compared with a profit of $536 million a year earlier.